Workflow — 01 of 04
Every OM that arrives
already has 20 years of MRP behind it.
An OM reaches the desk. Before a spreadsheet opens, the agent has already cross-referenced MRP's pursuits folder — every deal, every Argus iteration, every IC memo, every LOI MRP has ever produced. 1899 Penn. 2000 Penn. The Lion Building. The 49 Argus versions Ryan's team ran during the 1899 Penn DD. All of it, calibrating this analysis to how MRP specifically operates — not how a generic CRE model thinks.
Offering memorandum — extracted fields
| Field | Value | Source |
|---|---|---|
| Asking price | $103,000,000 | OM cover page |
| Rentable SF | 191,106 SF — 11 stories | OM specifications |
| Current occupancy | 74.0% | Rent roll Q1 2026 |
| In-place NOI | $5,200,000 | T-12 financials |
| Implied cap rate | 5.05% | Calculated |
| WALT | 3.8 years | Lease abstracts |
| Location | 3 blocks from White House, 4 metro lines, DC CBD | OM |
| Built / renovated | 1964 / 2021 | OM |
Institutional memory surfaced — from MRP pursuits folder
Closed 1899 Pennsylvania Avenue (191,106 SF, DC CBD office) alongside SEDCO Capital, Sterling Bay, and Declaration Partners. MRP's pursuits folder contains 49 Argus iterations, full DD folder, LOI versions, GP Fund Memo, IC Update, and NYL Term Sheet. Closest comparable to this asset.
Argus revision pattern across those 49 iterations: CapEx adjusted up after PCA, OpEx revised up after PM review, occupancy revised down as lease-up reality emerged. These three adjustments apply to this underwriting automatically.
2000 Penn, Lion Building — both MRP-managed CBD assets with indexed operating data. Submarket rent premium analysis (September 2020) remains the most directly comparable benchmark available.
Capital partners pre-established: SEDCO Capital, Sterling Bay, Declaration Partners all closed 1899 Penn with MRP. Their preferences and return thresholds are indexed. The next conversation begins where the last one ended.
Financing folder: NYL Long Form Term Sheet from 1899 Penn — the template for structuring an interest reserve to address lease-up DSCR. MRP solved this exact problem before on the same type of asset.
// MRP pursuits folder cross-referenced — 09:14 AM
✓ Broker Materials / OM parsed and indexed
✓ Argus & Models / 1899 Penn 49 versions — assumptions extracted
✓ Legal / LOI + PSA history Ryan Wade LOI Dec 2019 matched
✓ Financing / NYL Term Sheet DSCR structure indexed
✓ Memo / GP Fund Memo + IC decision rationale available
✓ Market Info / Sale + Lease Comps DC CBD submarket calibrated
⚠ DD / ESA — not provided order today per MRP DD checklist
✓ Broker Materials / OM parsed and indexed
✓ Argus & Models / 1899 Penn 49 versions — assumptions extracted
✓ Legal / LOI + PSA history Ryan Wade LOI Dec 2019 matched
✓ Financing / NYL Term Sheet DSCR structure indexed
✓ Memo / GP Fund Memo + IC decision rationale available
✓ Market Info / Sale + Lease Comps DC CBD submarket calibrated
⚠ DD / ESA — not provided order today per MRP DD checklist
Workflow — 02 of 04
The numbers.
MRP's judgment.
Underwriting calibrated to MRP's own historical expertise — not JLL benchmarks or national averages. Every assumption cross-referenced against the 49 Argus iterations from 1899 Penn. Every flag grounded in a specific prior MRP decision, not a generic rule.
Returns — base case
Acq. cap rate
5.05%
1899 Penn: ~5.3%
Projected IRR
15.2%
5yr hold, lease-up to 88%
Equity multiple
1.84x
Above MRP 1.75x threshold
DSCR — year 1
1.18x
Below 1.25x — lease-up period
In-place NOI
$5.20M
At 74% occupancy
Equity required
$36.1M
65% LTV — NYL template
| Scenario | Stab. occ. | Exit cap | IRR | EM |
|---|---|---|---|---|
| Upside | 92% | +25bps | 18.6% | 2.08x |
| Base case | 88% | +50bps | 15.2% | 1.84x |
| Downside | 80% | +100bps | 10.4% | 1.51x |
| Stress | 68% | +150bps | 5.8% | 1.18x |
Stress scenario preserves capital above 1.0x EM — MRP's minimum acceptable outcome across all closed transactions.
IC Recommendation — based on MRP institutional judgment
Proceed to IC and LOI. Order the ESA today — not after LOI acceptance. Discuss the DSCR gap with the lender before IC using the NYL structure from 1899 Penn.
This deal sits in MRP's home submarket, where the pursuits folder contains more comparable transaction history than any external data source. 1899 Penn, 2000 Penn, and the Lion Building provide direct operating benchmarks unavailable to any outside buyer. The 15.2% projected IRR and 1.84x equity multiple in the base case are consistent with MRP's CBD office acquisition history.
The 74% current occupancy creates the value-add opportunity. The 49 Argus iterations from 1899 Penn provide the institutional playbook. The DSCR issue at 1.18x was solved before — the NYL interest reserve structure from the 1899 Penn financing folder is the template for the lender conversation.
The 74% current occupancy creates the value-add opportunity. The 49 Argus iterations from 1899 Penn provide the institutional playbook. The DSCR issue at 1.18x was solved before — the NYL interest reserve structure from the 1899 Penn financing folder is the template for the lender conversation.
DSCR 1.18x vs 1.25x minimum — lender covenant discussion required. NYL 1899 Penn interest reserve structure from financing folder is the established template.
ESA must be ordered today — in parallel with LOI preparation, not after acceptance. MRP's own DD checklist requires this. One prior deal was lost during a sequential Phase I wait.
DC CBD is MRP's home market. 1899 Penn, 2000 Penn, Lion Building all indexed in pursuits folder — 20+ years of operating data no external buyer possesses.
Capital partners pre-established: SEDCO Capital, Sterling Bay, and Declaration Partners all closed 1899 Penn with MRP. Outreach references the prior transaction directly.
Stress scenario at 68% occupancy still preserves capital above 1.0x EM — consistent with MRP's minimum threshold.
Workflow — 03 of 04
LOI drafted.
From Rick Saas's legal corpus.
Every term below was sourced from MRP's own legal corpus — built by Rick Saas, who has structured MRP's transactions since the firm's founding in 2005. Same $250K initial deposit stepping to $5M post-feasibility. Same 45-day feasibility. Same binding exclusivity. The agent did not invent these terms. It read Rick's documents and reproduced what MRP has proven works across 20 years of DC transactions.
MRP | REALTY
MidAtlantic Realty Partners
April 27, 2026
Washington, DC
Washington, DC
Mr. [Broker Name]
JLL
Washington DC, 20006
JLL
Washington DC, 20006
RE: Offer to Purchase
2000 Pennsylvania Avenue NW
Washington, DC 20006
2000 Pennsylvania Avenue NW
Washington, DC 20006
We are pleased to provide you with this Letter of Intent that sets forth the principal terms and conditions under which MidAtlantic Realty Partners ("MRP Realty") and Declaration Partners LP ("Declaration Partners") would be interested in purchasing the above-referenced Property.
Purchase Price
$100,500,000 — One Hundred Million Five Hundred Thousand Dollars
From 1899 Penn LOI precedent: MRP offered $98M on ~$100M ask (2.0% below), closed at $103M. Current market supports same positioning — 2.4% below ask.
Purchaser
A to-be formed entity comprised of MidAtlantic Realty Partners, Declaration Partners and their respective partners, affiliates, related entities or assigns.
MRP Realty is a full-service, vertically-integrated real estate owner, operator and developer. Since formation in 2005, MRP has deployed $8 billion in total capitalization, averaging over $400 million per year. MRP's founding principals have an average of 25+ years of experience in the DC market, completing more than 25 million square feet of development and acquisitions.
MRP Realty is a full-service, vertically-integrated real estate owner, operator and developer. Since formation in 2005, MRP has deployed $8 billion in total capitalization, averaging over $400 million per year. MRP's founding principals have an average of 25+ years of experience in the DC market, completing more than 25 million square feet of development and acquisitions.
Purchaser description drawn verbatim from the 1899 Penn LOI signed by Ryan Wade — same boilerplate, updated for current figures.
Deposits
$250,000 within 3 days of PSA execution · Increased to $5,000,000 upon expiration of Feasibility Study Period
Exact two-tier deposit structure from 1899 Penn LOI. $250K initial, stepping up to $5M post-feasibility. Interest accrues to Purchaser.
Feasibility Period
45 days from execution of Purchase and Sale Agreement
Seller shall promptly provide all available information including copies of all environmental reports, surveys, real estate tax information, leases, rent rolls and operating statements for the prior 36 months, and all related materials.
45-day feasibility per MRP's 1899 Penn LOI — not 30 days. MRP's standard for DC CBD office. DD checklist (ESA, PCA, Argus Audit, Lease Review, Title, Survey) pre-built from prior pursuit.
Closing
Closing shall occur within forty-five (45) days following expiration of the Feasibility Study Period.
Flexibility
Purchaser is willing to work directly with Seller to create a mutually agreeable deal structure, including possibly (1) engaging an affiliate of Seller as property manager post-closing, (2) accommodating a delayed closing for tax planning purposes, or (3) addressing other structural desires of Seller.
MRP's standard good-faith posture — drawn from the 1899 Penn LOI. Positively received by Eastdil in the prior negotiation.
Exclusivity
Upon signing, Seller agrees to negotiate only with Purchaser for 45 days
45-day binding exclusivity per 1899 Penn LOI — Eastdil Secured accepted this on the prior transaction. MRP's standard exclusivity period for DC CBD office.
Non-Binding
This proposal constitutes a non-binding Letter of Intent. Neither party shall be bound unless and until a formal contract is fully executed; provided, however, the "Brokerage" and "Exclusivity" paragraphs are binding obligations of the respective parties.
If the terms set forth in this Proposal are acceptable, please have Seller so indicate by signing and returning one copy of this Letter of Intent.
Sincerely
[Principal Name]
Principal
MIDATLANTIC REALTY PARTNERS
Principal
MIDATLANTIC REALTY PARTNERS
Agreed and Accepted
By: ___________________
Its: ___________________
Date: _________________
Its: ___________________
Date: _________________
Every term above is sourced from MRP's actual 1899 Penn LOI (December 10, 2019, signed by Ryan Wade, Principal). The deposit structure, feasibility period, flexibility provision, and exclusivity language are verbatim MRP precedent.
Workflow — 04 of 04
Nothing has been sent.
Nothing happens until you say so.
You have reviewed the underwriting. You have reviewed the LOI. Nothing has been sent. Nothing has been committed. Nothing happens until you say so. Below are the five actions that follow IC approval — each one logged, timestamped, and reversible before execution.
Awaiting your instruction — nothing sent yet
Awaiting principal
○
Order Phase I ESA — all buildings
Engage Atlas Environmental (MRP's preferred consultant, per 1899 Penn DD folder). Est. $8,500. Order in parallel with LOI — per MRP DD checklist protocol, not sequentially. One prior MRP deal was lost during a Phase I wait.
○
Submit LOI to JLL — $100.5M with 45-day exclusivity
Transmit from principal's account with cover note referencing prior MRP/JLL transactions. 45-day binding exclusivity included per MRP's standard structure.
○
Schedule IC — May 6, 2026
Block IC calendar for all members. Full underwriting memo due May 4. DSCR interest reserve discussion — with 1899 Penn NYL term sheet attached as reference — flagged on agenda.
○
Engage Hogan Lovells — preliminary PSA review
Brief preferred transaction counsel per 1899 Penn legal folder. LOI and deal structure transmitted. Standard pre-IC CBD office engagement.
○
Capital partner outreach — SEDCO, Sterling Bay, Declaration Partners
Relationship notes to all three partners who closed 1899 Penn with MRP. Each message references the prior transaction. Warm, not cold — the relationship is already established.
Roadmap — Phase I of II
3 months.
Build the engine. Nothing runs without this.
The first three months are not a transformation. They are an indexing and calibration exercise. MRP's pursuits folder gets read, organized, and made queryable — on MRP's own servers, under MRP's control. Then one agent gets built, working directly with Henry, embedded in the email workflows that already exist. At the end of month 3 Henry has a first-draft IC memo waiting for him when he opens his email. Nothing else has changed.
1A — Data foundation & institutional memory
MRP's pursuits folder — 10,000+ deals, decades of Argus models, IC memos, GP fund memos, LOI archives, financing matrices — ingested, normalized, and indexed into a vector database that lives on MRP's own servers. Nothing leaves MRP's environment. Nothing passes through any external system.
Every document is paired: underwriting assumptions linked to actual outcomes, LOI terms linked to what the counterparty accepted, Argus iterations linked to what revisions DD required. The continual learning pipeline updates automatically as new deals close — the system improves with every transaction MRP completes.
Every document is paired: underwriting assumptions linked to actual outcomes, LOI terms linked to what the counterparty accepted, Argus iterations linked to what revisions DD required. The continual learning pipeline updates automatically as new deals close — the system improves with every transaction MRP completes.
// What gets built in Phase 1A
✓ Pursuits folder normalized, chunked, embedded
✓ Argus model history assumption evolution indexed per deal
✓ IC + GP fund memos decision rationale encoded
✓ LOI + PSA history negotiation patterns indexed
✓ Outcome pairing assumptions linked to actuals
✓ Continual learning pipeline auto-updates as new deals close
// Infrastructure: MRP's own servers. MRP owns all data, permanently.
✓ Pursuits folder normalized, chunked, embedded
✓ Argus model history assumption evolution indexed per deal
✓ IC + GP fund memos decision rationale encoded
✓ LOI + PSA history negotiation patterns indexed
✓ Outcome pairing assumptions linked to actuals
✓ Continual learning pipeline auto-updates as new deals close
// Infrastructure: MRP's own servers. MRP owns all data, permanently.
1B — Underwriting agent, built with and calibrated by Henry
One agent. Built working directly with Henry — not deployed and handed over, but built together, with Henry's judgment shaping every calibration. Embedded in MRP's existing email workflows. No new software to install. No new platform to log into. No change to how Henry or anyone else on the team operates. The agent surfaces inside the inbox, behaving like a senior analyst who has read every deal MRP has ever done.
When an OM arrives in email, the agent reads it, cross-references the pursuits folder, and surfaces a structured underwriting memo with annotated assumptions — before Henry opens a spreadsheet. Henry edits the memo. Every edit becomes a calibration signal that makes the next memo more accurate.
When an OM arrives in email, the agent reads it, cross-references the pursuits folder, and surfaces a structured underwriting memo with annotated assumptions — before Henry opens a spreadsheet. Henry edits the memo. Every edit becomes a calibration signal that makes the next memo more accurate.
The goal is for the agent to feel like it has always been there. Not a tool Henry uses — a capability that runs beneath every deal, making every analysis faster and better calibrated to how MRP actually operates.
Roadmap — Phase II of II
Month 15.
MRP operates like a firm twice its size.
Once the underwriting agent is delivering accurate first-draft IC memos — and Henry's edits confirm it is calibrated correctly — the full suite expands. Each domain gets its own agent: legal, capital markets, asset management, accounting, DD coordination. By month 15 MRP has one orchestrating intelligence that sees the full deal pipeline. The team spends their time on judgment. Not on information retrieval.
Agent deployment
| Month | Domain agent | What it produces |
|---|---|---|
| 1 – 3 | Underwriting | Calibrated IC memo drafts from MRP's pursuits folder. Assumptions annotated with 1899 Penn comparables. Henry's edits become training signals. |
| 4 – 6 | LOI & Legal | First-draft LOIs in MRP's voice, sourced from the legal corpus. Terms annotated with MRP's negotiation history. Counterparty response patterns tracked over time. |
| 5 – 7 | Capital Markets | Relevant lender relationships and prior term sheets surfaced automatically. Financing memos drafted. Interest reserve structures modeled using NYL precedents. |
| 7 – 9 | Asset Management | Portfolio NOI vs budget monitored continuously. Variance patterns flagged before quarterly reports. LP reporting commentary drafted from MRP's historical templates. |
| 7 – 10 | Accounting | AP/AR reconciled automatically. Monthly reports drafted. Budget variance analysis generated. Audit trail maintained. Tax return preparation assisted. |
| 9 – 12 | DD Coordination | DD checklist managed against the timeline. Vendor deadlines monitored. Prior DD findings on comparable assets surfaced automatically. |
| + | More agents, as MRP defines them | Every new agent slots into the same memory layer. MRP defines the next problem — we build the agent for it. |
| 12 – 15 | Super Agent | Orchestrates all domain agents across the full MRP deal pipeline. Routes tasks, resolves conflicts, escalates to principals only when judgment is required. |
MRP at month 15
One orchestrating intelligence sees the full pipeline. When an OM arrives, it activates the underwriting agent, which dispatches its own sub-agents in parallel — one parses the OM, one retrieves comparables from the pursuits folder, one calibrates Argus assumptions, one drafts the IC memo. All coordinated without anyone managing the coordination.
The same pattern runs across every domain. Not a different way of working — the same way, with a senior analyst who has read every deal MRP has ever done running quietly alongside every person on the team, on every deal, simultaneously.
The same pattern runs across every domain. Not a different way of working — the same way, with a senior analyst who has read every deal MRP has ever done running quietly alongside every person on the team, on every deal, simultaneously.
// MRP at month 15
✓ OM to IC memo 4 minutes, not 2 days
✓ LOI first draft from MRP's legal corpus — annotated
✓ Monthly accounting AP/AR reconciled, reports drafted automatically
✓ LP reporting drafted from MRP's historical templates
✓ DD checklist tracked across all vendors simultaneously
✓ Institutional memory every deal makes every future deal more accurate
✓ Principal time reserved for judgment — not information retrieval
✓ OM to IC memo 4 minutes, not 2 days
✓ LOI first draft from MRP's legal corpus — annotated
✓ Monthly accounting AP/AR reconciled, reports drafted automatically
✓ LP reporting drafted from MRP's historical templates
✓ DD checklist tracked across all vendors simultaneously
✓ Institutional memory every deal makes every future deal more accurate
✓ Principal time reserved for judgment — not information retrieval
What partners at MRP asked us about first
"Does this thing make decisions on our behalf?" No. Every investment decision remains with MRP's principals. The agents surface analysis, draft documents, and queue actions. Nothing is submitted, sent, or committed without a named principal's explicit approval. The authorization gate is not a feature — it is the architecture.
"Who owns our data?" MRP does. The vector database, agent memory, and all indexed content live on MRP's own servers. Nothing passes through an external system. If this engagement ends tomorrow, the memory layer stays in MRP's environment permanently. We retain nothing.
"What happens when a senior partner retires?" The institutional knowledge they accumulated — every pattern, every judgment call, every calibration signal — is already encoded in the memory layer. It stays. Unlike a hire who leaves, this expertise compounds forward through every deal that follows.